Gas prices in both the United States and Europe hit new highs on Wednesday, with average prices per gallon in California topping $6, compared to over $9 in Norway and Denmark as Russia’s war on Ukraine plays out in the global energy sector. On Wednesday, the US national average at the pump rose to $4,567, … Read more
Crude oil prices moved higher today after the Energy Information Administration reported an inventory draw of 3.4 million barrels for the week to May 13. At 420.8 million barrels, the EIA said, inventories of crude oil were 14 percent below the five-year average for this time of the year. A week earlier, crude oil inventories … Read more
Saudi Aramco made headlines last week when it dethroned Apple as the most valuable company in the world, hitting a market cap of $2.43 trillion as of last Wednesday. How did this happen in the era of Big Tech and the pariah oil industry? The answer to that is easy enough. Oil prices have been … Read more
A couple of weeks ago, Putin went on record calling the war in Ukraine a “tragedy” and claiming that economic sanctions imposed on his country had “failed.” Turns out he wasn’t exactly bluffing. Three months into the most severe and coordinated sanctions by Western governments, Russia’s economy is proving to be a hard nut to … Read more
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes even as the Department of Energy released 5 million barrels from the Strategic Petroleum Reserves in Week Ending May 13. US crude inventories have shed … Read more
New, small oil trading companies are replacing the commodity majors that are suspending their business relations with Russia amid Western sanctions against Moscow. Bloomberg reports that there are some legacy traders still exporting Russian crude, as well as several smaller players and a few new entrants into the field. The biggest Russian oil trader right … Read more
The biggest holdout to an EU embargo on Russian oil imports, Hungary, continues to dig its heels in, and has told the other European Union members it would need at least $811 million (770 million euro) to prepare its refineries and pipelines for ditching Russian oil, Bloomberg reported on Tuesday, citing documents it has reviewed … Read more
Oil prices are a common topic of conversation around the office water cooler these days. As you might expect, perspective matters. The folks at the Halliburton, (NYSE: HAL), office in Midland, Texas likely view the advent of $100 WTI much more warmly than many others whose living doesn’t depend on it directly. At the other … Read more
Oil prices have topped $113 per barrel on optimism that China’s lockdowns are coming to an end and demand will not take a prolonged hit. In early afternoon markets Monday, news that Shanghai was seeing a strong recovery from COVID cases, with plans in place to ease lockdown restrictions beginning this week, outweighed a litany … Read more
US gasoline demand is not going down despite record-high gasoline prices, which have been beating previous all-time highs on a daily basis in the past two weeks. As of May 16, the nationwide average price of a gallon of regular gasoline was $4.483—the highest on record, according to AAA data. That’s up from $4,328 a … Read more